Economics Unit Flashcard

Front

WHAT ARE THE 4 FACTORS OF PRODUCTION?

Back

Land, Labor, Capital, Entrepreneurs

Front

WHAT IS LABOR?

Back

work people do for pay to produce good and services

Front

_______________ IS KNOWN AS THE NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES

Back

Land

Front

_______________ IS KNOWN AS THE MANMADE RESOURCES USED TO PRODUCE GOODS AND SERVICES.

Back

Capital

Front

AN ENTREPRENEUR IS A PERSON WHO _______________.

Back

uses land, labor, and capital to produce goods and services.

Front

Which factor of production would you consider a lawn mower? Options: Land, Labor, Capital, Entrepreneur

Back

Capital

Front

What are the three economic questions?

Back

What to produce? How to produce? For whom to produce?

Front

When "wants are greater than the resources available to satisfy them," it is called...

Back

Scarcity

Front

When you make a choice, you won't get any other option. The 2nd-best thing you have to give up is called the...

Back

Opportunity Cost